Utgaver: 
Søk
Date for re-registration of Bulgarian companies extended.
By Mike Stock
After the complete and utter farce of the Bulgarian authorities to properly manage this change and the lack of impetus from Bulgarian commerce, rather than liquidating most of the companies in the country and causing a financial meltdown, the authorities have yet again moved the goalposts, this course of action was inevitable.
The Bulgarian Government is drafting new legal measures to deal with companies that have not re-registered by this new date. Most importantly, after 31st December 2011, these companies will officially be deemed terminated and the government will list them on an official website. They will not be liquidated immediately, but will no longer be able to trade or dispose of any assets. Creditors will be informed and given the opportunity to recover monies owed.
As someone who has seen over the years the disarray that seems to be part of the Bulgarian system, I do ask myself if even this new date will force compliance. Many companies seem to be of the opinion that nothing will happen, while foreigners who set up a company to own their Bulgarian property are confused, fearful and very aware that this is a perfect situation for unscrupulous organisations to take advantage of them.
The most obvious course of action for anyone owning a company for is to take action as soon as possible. Find a reputable accountant who can do the work for a reasonable price and above all, avoid the sharks.
Many people have only now, at the point of re-registration, found that even though they have paid to have end of year accounts done, their accountants have charged them but not actually done the work. They now find they cannot re-register until they have paid fines for the outstanding years.
Best advices if you have not re-registered, do it now, but tread carefully.
Issue 5